It appears the Peace Army’s muck raking was well founded in regards to Crown Forex. Kudos to Pharoah for being ahead of the curve:
Extracted Post (promotion)
Swiss banking regulators have launched an investigation of Crown Forex and appointed several care takers to administer the firm’s last rites. Here is the official announcement from the SFBC (rough translation from Google):
https://www.shab.ch/shabforms/COMMON...sultDetail.jsp
Quote:
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The Federal Banking Commission has appointed Laurent Winkelmann, of Geneva, Chêne-Bougeries and Philippe von Bredow, Lausanne, in Celigny responsible investigation Crown Forex SA. Laurent Windelmann and Philippe von Bredow are authorized to bind the Crown Forex SA by individual signature. It is forbidden for bodies Crown Forex SA to carry out any legal act without the agreement of the responsible investigation.
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For breaking news on the investigation of Crown Forex check this thread here which recently posted an alleged letter from the SFBC regarding their investigation of Crown Forex:
Crown Forex anyone?
Quote:
Dear (name omitted)
In response to our e-mail dated 16 December 2008, we would like to present to you the following information:
As already informed, the Crown Forex SA, Bassecourt has no authorization by the Swiss Federal Banking Commission (SFBC) for an activity in the financial sector in Switzerland.
To clarify the existence of the authorization requirements, in cases of suspected law violations or suspected pursuit of activities without proper authorization and in danger of insolvency, the SFBC investigators have to clarify the facts to use.
For the SFBC, acting in such cases, a superprovisional decision is available for use of an investigation officer. These investigators are charged with the investigation of the business activities of the company and are to report to the SFBC. The investigation officers are equipped with all necessary power and as such they appear in the commercial registry. They can act now on behalf of the firm. That is the case for the Crown Forex AG with superprovisional order as of 9 December 2008 (published in the Gazette on 18.12.2008) were Mr. Laurent Winkelmann, Chêne-Bougeries and Mr Philippe of Bredow, Célignym, investigators to the Crown Forex SA, were appointed.
On the basis of the report of the investigation officers the SFBC will make a decision and, where appropriate, publish it on its website. At the moment we can offer no further details. You or your contacts in the U.S. are invited to contact us again at a later stage.
Yours sincerely
Secretariat
SWISS FED. BANKING COMMISSION
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I’ve said it before and I’ll say it again. DO NOT TRADE with a Swiss forex broker UNTIL they get a banking license. There are plenty of decent brokers that are regulated all around the world from Australia to the UK to the U.S. Crown Forex is just the latest example of what can happen when you trade with an unregulated broker.